Naira strengthens against dollar, first time in seven days

For the first time in seven days, the naira saw gains against the United States dollar in both official and parallel foreign exchange markets.

According to data from FMDQ, the naira rose slightly to N1,554.65 per dollar on Thursday, up from N1,561.98 on Wednesday. This marks a gain of N7.33 compared to the previous day’s rate.

Similarly, in the parallel exchange market, the naira improved to N1,550 on Thursday, from N1,560 the day before.

This positive change coincides with an increase in foreign currency transaction turnover, which reached $348.82 million on Thursday, as reported by FMDQ.

Over the past week, the naira had been on a downward trend, depreciating by N52.31 during that period.